Appeals Court Does Toss Out €4.9 Billion in Damages to Be Paid to Bank, Orders New Civil Trial

By

Noémie Bisserbe

Updated March 19, 2014 5:21 p.m. ET

PARIS—France's highest appeals court on Wednesday said former Société Générale trader Jérôme Kerviel must serve the three-year prison sentence handed to him for his wayward bets but it overturned an award of €4.9 billion ($6.37 billion) in civil damages that was to be paid to the bank.

The court, which looked into the criminal case and a civil lawsuit brought by the bank against its former employee, said Mr. Kerviel couldn't be made...